BR Communications, a reputed PR and marketing consultancy specializing into creative campaign solutions and its founder and Managing Director, Bahaa Fatairy advises all organizations, regardless of size, to seize the market opportunities available in the UAE and especially in Dubai, to develop, enhance, and grow their businesses. Fatairy, himself an entrepreneur and a believer in the start-up model views the introduction of VAT in the UAE as a positive impetus for economic and business growth, and believe it is the perfect period for all organizations, and especially startups, to develop their businesses, portfolios, and brands.
Over the years, the start-up scene in Dubai in particular has grown leaps and bounds, maturing into a well-oiled system. Issues with space and opportunities, mentors and investors, and financing continue to be tackled head-on with solutions that seek to address root causes, and lay down plans for the future. So far has the Dubai start-up and SME sector come, that the Emirate was ranked 29 in the 2017 Startup Cities Index which ranks 85 of the most dynamic cities for startups.
Dubai’s and UAE’s prowess in developing opportunities that have attracted over 200 nationalities to its shores for employment and for setting up a home, arise from its visionary plans for the future. The leaders of the UAE, President of the UAE and Ruler of Abu Dhabi H.H. Sheikh Khalifa Bin Zayed Al Nahyan, Vice President and Prime Minister, and Ruler of Dubai, H.H. Sheikh Mohammed Bin Rashid Al Maktoum, and the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, H.H. Sheikh Mohammed Bin Zayed Al Nahyan, have led the country by drafting and implementing economic development plans such as UAE 2021.
Dubai’s position as a regional and global business hub has been developed meticulously, considering all variables that constitute a good quality of life. From safety and security through to stability, the Emirate ensures its residents that any aspired quality of life is within reach. However, residents of the Emirate and the UAE have a part to play in the country’s and their personal success. This is investing in the future.
While understanding the local, regional, and global business environment in the context of an economic downturn or slow down, business owners and residents should not shy away from investing in their future. “It is the perfect opportunity to invest in their businesses whether through recruitment and training, business development, or marketing their brand, it is important to seize all business prospects,” commented Fatairy. It is of utmost importance that businesses realize that UAE and Dubai is currently rife with opportunities, and more are on the horizon in the very near future and set strategic plans beginning now to capitalize on these when the time arrives. As a result, investing today, for tomorrow, will only ensure that success is sweeter.
However, the global economic downturn may cause some volatility in the UAE and Dubai. But just as with the introduction of VAT earlier this year, these issues will be overcome through appropriate policy planning and implementation. “The introduction of VAT is a huge positive for the UAE economy. I believe it will act as a stimulus for increasing business growth by attracting more business investors and global firms to invest in the country, and other GCC countries which have implemented VAT,’ explained Fatairy, who also stated that the resilient business environment in UAE is capable of dealing with any global shocks.
Further, through the planning of global mega-events such as Dubai Expo2020 and the promotion of non-oil and knowledge intensive industries, Dubai and the UAE have transitioned their economy from that of oil dependence to skill dependent.
